Korea Investment CORP Lowers Holdings in Analog Devices, Inc. (NASDAQ:ADI)

Korea Investment CORP cut its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI) by 3.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 344,996 shares of the semiconductor company’s stock after selling 12,749 shares during the quarter. Korea Investment CORP owned about 0.07% of Analog Devices worth $73,298,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ADI. United Bank boosted its holdings in Analog Devices by 4.7% during the 3rd quarter. United Bank now owns 6,056 shares of the semiconductor company’s stock valued at $1,394,000 after acquiring an additional 273 shares during the period. Quest Partners LLC acquired a new stake in shares of Analog Devices in the third quarter valued at $210,000. Great Valley Advisor Group Inc. boosted its holdings in Analog Devices by 39.4% in the third quarter. Great Valley Advisor Group Inc. now owns 2,018 shares of the semiconductor company’s stock valued at $465,000 after purchasing an additional 570 shares during the period. Larson Financial Group LLC increased its holdings in Analog Devices by 103.6% during the 3rd quarter. Larson Financial Group LLC now owns 448 shares of the semiconductor company’s stock worth $103,000 after purchasing an additional 228 shares during the period. Finally, Fisher Asset Management LLC raised its position in Analog Devices by 20.2% in the 3rd quarter. Fisher Asset Management LLC now owns 2,831 shares of the semiconductor company’s stock valued at $652,000 after purchasing an additional 476 shares in the last quarter. 86.81% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ADI has been the topic of a number of recent research reports. Williams Trading set a $245.00 target price on shares of Analog Devices in a research note on Friday, February 14th. Piper Sandler dropped their price objective on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 27th. Oppenheimer reaffirmed an “outperform” rating and set a $270.00 price objective (up from $245.00) on shares of Analog Devices in a research report on Thursday, February 20th. Morgan Stanley raised their price target on Analog Devices from $248.00 to $250.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Finally, Lake Street Capital assumed coverage on Analog Devices in a research report on Friday, February 14th. They set a “buy” rating for the company. Six investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat, Analog Devices has an average rating of “Moderate Buy” and an average target price of $255.41.

Analog Devices Stock Down 1.4 %

ADI opened at $210.53 on Thursday. Analog Devices, Inc. has a 52 week low of $182.57 and a 52 week high of $247.10. The business has a 50 day moving average price of $216.98 and a two-hundred day moving average price of $219.72. The company has a quick ratio of 1.43, a current ratio of 1.93 and a debt-to-equity ratio of 0.19. The company has a market cap of $104.42 billion, a PE ratio of 67.05, a P/E/G ratio of 2.85 and a beta of 1.07.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, topping the consensus estimate of $1.54 by $0.09. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The business had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the prior year, the business earned $1.73 earnings per share. The company’s quarterly revenue was down 3.6% compared to the same quarter last year. As a group, research analysts anticipate that Analog Devices, Inc. will post 7.14 EPS for the current year.

Analog Devices Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th were issued a $0.99 dividend. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $3.96 annualized dividend and a dividend yield of 1.88%. Analog Devices’s payout ratio is presently 126.11%.

Analog Devices announced that its Board of Directors has approved a stock buyback program on Tuesday, February 18th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to buy up to 9.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Analog Devices

In related news, EVP Vivek Jain sold 12,684 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $210.00, for a total value of $2,663,640.00. Following the completion of the sale, the executive vice president now owns 43,175 shares in the company, valued at $9,066,750. This trade represents a 22.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $215.49, for a total transaction of $2,154,900.00. Following the sale, the chief executive officer now directly owns 21,983 shares in the company, valued at approximately $4,737,116.67. This represents a 31.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 36,684 shares of company stock worth $7,746,500 over the last ninety days. 0.33% of the stock is currently owned by company insiders.

Analog Devices Profile

Analog Devices, Inc designs, manufactures, tests, and markets integrated circuits (ICs), software, and subsystems products in the United States, rest of North and South America, Europe, Japan, China, and rest of Asia. The company provides data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; power management and reference products for power conversion, driver monitoring, sequencing, and energy management applications in the automotive, communications, industrial, and consumer markets; and power ICs that include performance, integration, and software design simulation tools for accurate power supply designs.